This article was last updated on April 16, 2022
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Several reports have revealed today that France and Germany are both planning to introduce a minimum corporation tax rate across the EU, which would mean higher taxes on British companies. The European officials are anticipated to discuss possible policies that would bring an EU-wide floor on corporation tax in order to tackle tax havens such as Ireland and Luxembourg.
However, these developments and the tentative plans are a direct challenge to the efforts of UK PM David Cameron who is urging for sovereignty of the EU members. In case these plans play out, Britain is anticipated to veto any proposals that might ask her to surrender power over tax rates to Brussels. A campaign group Business for Britain’s Robert Oxley alleged that “it is a direction of travel issue,” adding that “it shows the EU thinks corporation tax is an area of common concern, suggesting there are those at the heart of the Eurozone who want more power over Britain, not less.”
EU officials are scheduled to discuss tax avoidance and create a system of “fair, transparent and growth friendly” corporation taxation at an orientation debate on Wednesday in the College of Commissioners, i.e. a forum used to float ideas. The discussion is anticipated to contribute to an announcement on corporation tax later in June. According to the German business newspaper, Handelsblatt, the discussion is anticipated to include plans that will implement a basic rate of corporation tax across Europe.
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